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The FCA has written directly to CEOs of alternative investment fund managers, setting out its supervisory focus for the year ahead. Key priorities include liquidity risk management, valuation governance, and the treatment of investors in closed-ended funds under stress. Firms should expect targeted supervisory engagement this year.

The FCA is consulting on simplifying the Senior Managers and Certification Regime for smaller firms. The proposals include reducing prescribed responsibilities and streamlining Certification Regime obligations. The consultation closes 30 July 2026 — firms should review and respond where the changes affect their SMCR framework.

The DFSA has updated its AML Module, introducing more detailed requirements around customer risk assessments and enhanced due diligence for high-risk clients. DIFC-regulated investment firms must update their AML policies and client risk rating frameworks before 1 July 2026.

The FCA's sustainable investment label regime is now fully in force. Firms marketing funds with environmental or social characteristics must ensure their materials, fund names, and disclosure documents comply. The FCA has signalled it will begin supervisory reviews of non-compliant marketing in Q3 2026.

The FSRA has published revised Market Conduct Rules for ADGM firms, including updated requirements around market abuse controls, personal account dealing, and suspicious transaction reporting. Firms must review their MAR frameworks and update surveillance procedures before the June effective date.

The FCA has published findings from its thematic review of operational resilience across investment management firms. Common weaknesses included inadequate mapping of important business services and untested impact tolerances. All in-scope firms should benchmark against the findings and address gaps before their next supervisory interaction.